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Pyreos Joins First Minister for London stock exchange investment seminar

Pyreos, the Edinburgh-based passive infra-red sensor developer, is to join First Minister Nicola Sturgeon for an investment seminar at the London Stock Exchange.

Andrew Wallace, Chief Executive at Pyreos, will attend the Market Open ceremony at the stock exchange today (Monday 14 December).

He will then take part in a Scottish Investment Seminar along with the First Minister and Lena Wilson, Chief Executive of Scottish Enterprise.

In his invitation to the event, Xavier Rolet, Chief Executive of London Stock Exchange Group, said Pyreos was “widely regarded as one of Scotland’s most successful businesses, with exciting future growth prospects”.
Taking part in the seminar will allow Pyreos to meet with senior investors and advisors to discuss the role that equity finance and capital markets can play in the growth of technology companies.

Mr Wallace said: “I am really honoured that Pyreos has been invited along to the investment seminar with the First Minister.

“Being invited to such a prestigious event recognises the achievements of the whole team at Pyreos in bringing our sensors to market and incorporating them into a wide array of devices for our clients.

“It also recognises the potential of our company as we continue to develop sensors for other industries and continue to expand our sales, both in the domestic market and overseas.

”Mr Wallace added: “Pyreos has enjoyed very strong support from its shareholders since the company was created in 2007 and our investors have supported both our research and development work and investment in sales growth.
“Meeting potential investors and advisors at the seminar will help to influence our medium- and long-term strategy for growing Pyreos.

“Even though we have just completed an investment round and our shareholders intend to continue their support, it’s important for companies like ourselves with strong growth ambitions to explore wider relationships with potential investors and advisors.

” Major shareholders that have already invested in Pyreos include Robert Bosch Venture Capital, Siemens Technology Accelerator, Seraphim Partners, Scottish Enterprise’s Scottish Investment Bank and Strathtay Ventures.
All of the major shareholders took part in a financing round in March 2015, during which £2.5m was invested in the company.

Pyreos was spun out from Siemens in 2007. The company’s technology is based on the equivalent of 75-man years and some €10m (£7m) of investment and research at Siemens in ceramic thin-film technology.

The company was setup to industrialise and commercialise the technology, which is now used in a broad range of devices, from motion sensors for buildings and equipment for analysing engine oil, through to gas and flame detectors for the oil industry and machines to identify adulterated milk.

Pyreos is based in the Scottish Microelectronics Centre on the King’s Buildings campus at the University of Edinburgh where it has cost-effective access to high tech development facilities.

Mr Wallace joined Pyreos as Chief Executive in February 2015 following a career spent in the electronics, sensors and telecoms sectors. During five years as marketing director at set-top box manufacturer Pace, Wallace’s team launched the Freeview service and the Sky+ digital video recorder.

Other board members at Pyreos include Chairman Howard Ford, the former Chief Executive of BT Cellnet and formerly General Manager of IBM’s European PC business, Andy Laing as Chief Finance Officer and Non-Executive Director Tony Lear, whose career in the electronics industry has included periods at Philips Semiconductors, Seagate Technology and Texas Instruments.

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Issued on behalf of Pyreos by Beeline PR. For further information, please contact Debbie Byers on 0131 466 2282 / 07990 570 220 or debbie@beelinepr.com